FRASER AND NEAVE, LIMITED

(Company Registration No. 189800001R) (Incorporated in the Republic of Singapore)

THIRD QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2016

The Directors are pleased to make the following announcement of the unaudited results for the 3rd Quarter ended 30 June 2016.

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENT OF QUARTERLY (Q1, Q2 & Q3), HALF AND FULL YEAR RESULTS

1(a) An income statement and statement of comprehensive income, or a statement of comprehensive income, for the Group, together with a comparative statement for the corresponding period of the immediately preceding financial year.

3rd Quarter to 30/6/2016

$'000

3rd Quarter to 30/6/2015

$ '0 00

Change

%

9 Months to 30/6/2016

$'000

9 Months to 30/6/2015

$ '0 00

Change

%

(Restated)*

(Restated)*

Revenue

524,039

546,719

(4.1)

1,486,860

1,595,409

(6.8)

Cost of sales

(323,902)

(368,312)

(12.1)

(942,251)

(1,083,399)

(13.0)

Gross profit

200,137

178,407

12.2

544,609

512,010

6.4

Other income (net)

1,039

3,355

(69.0)

9,111

8,978

1.5

Operating expenses

- Distribution

(45,492)

(45,571)

(0.2)

(129,323)

(133,531)

(3.2)

- Marketing

(75,600)

(67,315)

12.3

(199,539)

(189,575)

5.3

- Administration

(37,797)

(35,903)

5.3

(102,254)

(101,861)

0.4

(158,889)

(148,789)

6.8

(431,116)

(424,967)

1.4

Trading profit

42,287

32,973

28.2

122,604

96,021

27.7

Share of joint venture company's loss

(239)

(861)

(72.2)

(393)

(1,065)

(63.1)

Share of associated companies' profits

514

1,074

(52.1)

2,372

2,978

(20.3)

Gross income from investments

16,111

13,718

17.4

16,239

13,846

17.3

Profit before interest and taxation ("PBIT")

58,673

46,904

25.1

140,822

111,780

26.0

Finance income

3,529

1,352

161.0

11,008

4,191

162.7

Finance cost

(1,305)

(1,704)

(23.4)

(3,679)

(4,858)

(24.3)

Net finance income/(cost)

2,224

(352)

NM

7,329

(667)

NM

Profit before taxation and exceptional items

60,897

46,552

30.8

148,151

111,113

33.3

Exceptional items

1,171

(464)

NM

1,914

(653)

NM

Profit before taxation

62,068

46,088

34.7

150,065

110,460

35.9

Taxation

(8,636)

(8,008)

7.8

(22,903)

(21,352)

7.3

Profit from continuing operations, net of tax

53,432

38,080

40.3

127,162

89,108

42.7

Discontinued operations

Profit from discontinued operations, net of tax

-

28,385

NM

-

89,363

NM

Profit after taxation

53,432

66,465

(19.6)

127,162

178,471

(28.7)

Attributable profit to:

Shareholders of the Company

- Before exceptional items

Continuing operations

37,966

24,879

52.6

75,116

52,740

42.4

Discontinued operations

-

15,612

NM

-

49,150

NM

37,966

40,491

(6.2)

75,116

101,890

(26.3)

- Exceptional items from continuing operations

624

(508)

NM

1,183

(587)

NM

38,590

39,983

(3.5)

76,299

101,303

(24.7)

Non-controlling interests

Continuing operations

14,842

13,709

8.3

50,863

36,955

37.6

Discontinued operations

-

12,773

NM

-

40,213

NM

14,842

26,482

(44.0)

50,863

77,168

(34.1)

53,432

66,465

(19.6)

127,162

178,471

(28.7)

1(a)(i) GROUP PROFIT STATEMENT

NM - Not meaningful

* Restated upon sale of Myanmar Brewery Limited.

1(a)(ii) BREAKDOWN AND EXPLANATORY NOTES TO GROUP PROFIT STATEMENT

Group

3rd Quarter to 30/6/2016

$'000

3rd Quarter to 30/6/2015

$'000

Change

%

9 Months to 30/6/2016

$'000

9 Months to 30/6/2015

$'000

Change

%

(Restated)

(Restated)

Operating expenses

Included in operating expenses are:

Depreciation & amortisation

(14,570)

(17,138)

(15.0)

(45,718)

(55,652)

(17.9)

Write back/(Allowance for) bad and doubtful debts

194

(608)

NM

167

(861)

NM

Allowance for inventory obsolescence

(1,457)

(2,774)

(47.5)

(2,068)

(6,389)

(67.6)

Employee share-based expense

(1,439)

(2,191)

(34.3)

(4,560)

(5,181)

(12.0)

Other income (net)

Gain/(Loss) on disposal of fixed assets

19

(17)

NM

(144)

(33)

NM

Foreign exchange (loss)/gain

(928)

682

NM

206

1,053

(80.4)

Taxation

Over/(Under) provision of prior year taxation

1,493

(84)

NM

2,670

2,174

22.8

Exceptional items

Insurance claim relating to flood

947

-

NM

1,266

-

NM

Effects of change of interest in an associated

company

360

-

NM

756

-

NM

Gain on redemption of other investment

-

-

-

30

-

NM

Loss on liquidation of subsidiary and joint venture

companies (net)

(136)

-

NM

(138)

-

NM

Provision for restructuring and re-organisation

costs of operations

-

(541)

NM

-

(541)

NM

Impairment reversal/(loss) on fixed assets

relating to flood

-

77

NM

-

(112)

NM

1,171

(464)

NM

1,914

(653)

NM

PBIT as a percentage of revenue

11.2%

8.6%

9.5%

7.0%

NM - Not meaningful

1(a)(iii) ADDITIONAL INFORMATION

Group Revenue and Profit Analysis

3rd Quarter to 30/6/2016

$'000

3rd Quarter to 30/6/2015

$'000

(Restated)

9 Months to 30/6/2016

$'000

9 Months to 30/6/2015

$'000

(Restated)

Revenue

By Business Activity

Beverages

170,615

186,586

447,381

489,993

Dairies

281,269

278,813

813,638

853,090

Printing & publishing

72,098

81,155

225,562

251,753

Others

57

165

279

573

524,039

546,719

1,486,860

1,595,409

By Territory

Singapore

120,865

115,062

348,171

350,341

Malaysia

239,624

267,001

668,083

761,679

Other ASEAN

143,845

141,449

410,962

415,507

North/South Asia

18,565

21,837

55,121

62,320

Outside Asia

1,140

1,370

4,523

5,562

524,039

546,719

1,486,860

1,595,409

PBIT

By Business Activity

Beverages

9,037

15,408

29,010

37,733

Dairies

33,935

20,651

99,497

60,086

Printing & publishing

(1,717)

(125)

(5,642)

(2,567)

Others

17,418

10,970

17,957

16,528

58,673

46,904

140,822

111,780

By Territory

Singapore

5,401

(3,254)

(338)

5,285

Malaysia

20,379

24,294

76,967

65,214

Other ASEAN

34,122

25,443

69,431

44,886

North/South Asia

318

581

(2,246)

(2,006)

Outside Asia

(1,547)

(160)

(2,992)

(1,599)

58,673

46,904

140,822

111,780

Attributable profit

By Business Activity

Beverages

3,294

3,973

8,993

13,151

Dairies

17,137

10,040

49,886

27,222

Printing & publishing

(1,688)

(895)

(5,261)

(5,212)

Others

19,223

11,761

21,498

17,579

Continuing operations

37,966

24,879

75,116

52,740

Discontinued operations*

-

15,612

-

49,150

Exceptional items

624

(508)

1,183

(587)

38,590

39,983

76,299

101,303

* Restated upon sale of Myanmar Brewery Limited.

1(a)(iv) STATEMENT OF COMPREHENSIVE INCOME

Group

3rd Quarter to 30/6/2016

$'000

3rd Quarter to 30/6/2015

$'000

9 Months to 30/6/2016

$'000

9 Months to 30/6/2015

$'000

Profit after taxation

53,432

66,465

127,162

178,471

Other comprehensive income:

Items that are or may be reclassified subsequently to profit statement

Share of other comprehensive income of

associated companies

405

(572)

(503)

274

Realisation of fair value gains on disposal of

available-for-sale financial asset

-

-

(152)

-

Realisation of reserve on settlement of a net

investment

301

-

(11,118)

-

Realisation of reserve on liquidation/disposal of

subsidiary and joint venture companies

(5)

3

(630)

(713)

Net fair value changes on available-for-sale

financial assets

55,511

23,521

292,255

75,009

Currency translation differences

(15,531)

(63,909)

13,149

(73,206)

40,681

(40,957)

293,001

1,364

Total comprehensive income for the period

94,113

25,508

420,163

179,835

Total comprehensive income attributable to:

Shareholders of the Company

Continuing operations

85,870

23,641

368,314

101,750

Discontinued operations

-

1,721

-

33,935

85,870

25,362

368,314

135,685

Non-controlling interests

8,243

146

51,849

44,150

94,113

25,508

420,163

179,835

Fraser and Neave Limited published this content on 04 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 August 2016 15:34:07 UTC.

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